The results of the 2014 IA Compliance Compensation Survey, sponsored by IA Watch and the National Society of Compliance Professionals, have been released. You can visit the IA Compliance Compensation Results website http://www.salary.iawatch.com/.
Use the results to benchmark and compare your compensation against peers in your area, plus the top 30 most populous metropolitan regions in the U.S., such as New York, Washington, D.C., Chicago, San Francisco and nationally.
According to the publisher, the survey reveals some interesting trends that run counter to expectations:
- The number of years servicing the compliance industry does not necessarily correlate to higher wages.
- The average compensation by assets under management (AUM) was higher for firms with $10-20 billion than firms with AUM greater than $100 billion.
Other Findings:
- The compensation breakdown for individuals was 69% salary, 28% bonus, and 3% retirement/other. Bonuses are predominantly given based on either job or company performance and less than 10% are awarded a bonus for successfully completing a regulatory exam.
- Only 50% of the firms surveyed increased their non-salary compliance budget, the remaining half had no change or a slight decrease.
- Firms did not reallocate costs between outside counsel, consultants, subscriptions or training regardless if the budget was increasing, staying flat, or decreasing.
- Overall, about two-thirds of the budget was spent on outside counsel and consultants, one-sixth on subscriptions, and one-fifth on training.
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